The Washington Post: The Republican tax bill’s promises of higher wages and more jobs haven’t materialized

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The Washington Post: The Republican tax bill’s promises of higher wages and more jobs haven’t materialized

Six months ago, Republicans rushed through their tax scam, which the Trump administration repeatedly said would help hardworking Americans get ahead—creating more jobs and providing higher wages.

But in the last six months, reports have contradicted those claims. As it turns out, the tax bill hasn’t led to any change in average hourly earnings, and hasn’t been a major catalyst for job growth. The only people who have seen real benefits of the law—to the tune of millions of dollars—are the wealthiest 1%, Wall Street, and companies.

Sherrod has said all along that this tax bill was just a giveaway to the wealthy, never meant to help middle-class families. These numbers prove him right. If you’re with Sherrod in fighting back against legislation that only benefits the wealthy few, show your support.

The Washington Post: The Republican tax bill’s promises of higher wages and more jobs haven’t materialized

Philip Bump – June 14

Key points:

  • In December, the Trump administration promised that their tax legislation would “deliver more jobs, higher wages and massive tax relief for American families and for American companies.”
  • But last week’s report from the Bureau of Labor Statistics shows that year-over-year, the real average hourly earnings number has dropped by 0.1 percent.
  • After the recession, that figure has generally increased. Over the past year, though, it has been flat—despite the signing of that bill in December. The tax bill, which Trump promised would serve as “rocket fuel” for the economy, hasn’t led to any liftoff whatsoever in real average hourly earnings.
  • Then there are the number of new jobs created. Since the end of the recession, the number of employed Americans as a percentage of the number of people ages 15 to 64 has risen steadily. It’s worth noting that the year-over-year changes from May 2017 to May 2018 are smaller than in each of the preceding year-long periods, despite the passage of the tax bill.

Read more here.